Purchasing power decreased by 15.83% in 1974 compared to 1973. On average, you would have to spend 15.83% more money in 1974 than in 1973 for the same item.
In other words, AU$1 in 1973 is equivalent in purchasing power to about AU$1.16 in 1974.
The 1973 inflation rate was 9.09%. The inflation rate in 1974 was 15.83%. The 1974 inflation rate is higher compared to the average inflation rate of 4.80% per year between 1974 and 2019.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1974 was 13.90. It was 12.00 in the previous year, 1973. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
|Average inflation rate||15.83%|
|Converted amount (AU$1 base)||AU$1.16|
|Price difference (AU$1 base)||AU$0.16|
|CPI in 1973||12.000|
|CPI in 1974||13.900|
|Inflation in 1973||9.09%|
|Inflation in 1974||15.83%|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The Australian CPI was 12 in the year 1973 and 13.9 in 1974:
AU$1 in 1973 has the same "purchasing power" or "buying power" as AU$1.16 in 1974.
To get the total inflation rate for the 1 years between 1973 and 1974, we use the following formula:
Plugging in the values to this equation, we get:
Politics and news often influence economic performance. Here's what was happening at the time:
Raw data for these calculations comes from the government of Australia's annual (CPI) as provided by the Reserve Bank of Australia. The consumer price index was established in 1922 and is tracked by Australian Bureau of Statistics (ABS).
You may use the following MLA citation for this page: “Inflation Rate in 1974 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 25 Apr. 2019, https://www.officialdata.org/Australia-inflation-rate-in-1974.
Special thanks to QuickChart for providing downloadable chart images.
in2013dollars.com is a reference website maintained by the Official Data Foundation.